Guyana was already the world’s fastest growing economy before the U.S.-Israeli war on Iran drove up oil prices. Now, the tiny Caribbean nation of nearly 1 million people will reap an even bigger bonanza as the conflict reshapes global energy markets. The war that caused one of the largest energy disruptions in history highlights the growing importance of countries including Guyana that offer political stability and geographically unrestricted access to their estimated 11 billion barrels of [Read more]
South Bow targets 2027 decision on Canada-US oil pipeline revival
Canada's South Bow will decide whether to proceed with its proposed partial revival of the Keystone XL oil pipeline by mid-2027, the company said on Friday, as it announced it has secured the shipper commitments it was seeking to advance the project. The proposed 550,000-barrel-per-day Alberta-to-Wyoming pipeline, dubbed Prairie Connector, could increase Canada's crude exports to the U.S. by 12%, adding much-needed Canadian pipeline capacity. South Bow, working with U.S. partner Bridger [Read more]
US drillers add oil, natural gas rigs for sixth straight week, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for a sixth straight week, for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by four to 562 in the week to May 29, its highest since May 2025. Despite this week's rig increase, Baker Hughes said the total count was still down one rig from this time last year. Baker Hughes said oil rigs rose by [Read more]
Record-low U.S. shale well backlog curbs fast output gains amid export surge
U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have increased exports to Asia and Europe since the conflict began and Iran effectively shut the Strait of Hormuz, bottling up most Middle Eastern oil [Read more]
Political understanding between Iran and US not yet finalised, Iranian source says
A political understanding has been reached between Iran and the United States over the Iran war, but it has not yet been finalised, a senior Iranian source told Reuters on Friday. The source said U.S. Donald Trump's claim that uranium would be unearthed by the U.S. was not true, adding that the possible memorandum of understanding between Tehran and Washington does not include any nuclear-related issues. (Reporting by Parisa Hafezi; Editing by Aidan Lewis) [Read more]
US crude production largely steady on the month in March, EIA says
U.S. crude production was largely steady in March at 13.7 million barrels per day, according to the Energy Information Administration on Friday. Crude production in Texas fell to 5.78 million bpd, marking a four-month low, while output in neighboring New Mexico was steady on the month at 2.31 million bpd. Texas and New Mexico are home to the prolific Permian Basin, which accounts for roughly half of U.S. crude output. U.S. crude production is expected to have risen since March, however, [Read more]
Chevron won’t pay toll to move ships through Hormuz, CEO tells Bloomberg TV
U.S. oil and gas major Chevron will not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth told Bloomberg TV on Friday. Wirth also said several vessels that transit through the Strait of Hormuz have been attacked in recent days. Perhaps not every day, but there have been "multiple incidents," he said. Chevron currently has six vessels under charter - belonging to a third party - in the waterway, Wirth said. It will be the ship owner who decides whether or [Read more]
Fed’s Schmid warns against viewing oil shock as transitory
Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Friday that already-hot levels of inflation make it harder to assume the current energy shock will have only a temporary impact on pricing and can be ignored by the central bank. “My primary concern is inflation, which is too hot and has been above target for too long,” Schmid said in a speech delivered before a conference in Iceland. “I place little stock in assuming that the most recent run-up in prices is transitory [Read more]
How far have the U.S. and Iran got towards ending the Iran war?
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised. An agreement would represent a big step towards ending a war that has pushed the world towards an energy crisis, though the underlying dispute over Iran's nuclear programme would only be thrashed out in talks over subsequent weeks. WHERE HAVE THE DISCUSSIONS GOT [Read more]
Oil falls over 1% on reports of potential US-Iran ceasefire deal
Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had agreed to extend a ceasefire, though it had yet to be finalised. Brent crude futures for July fell 1.1% or $1.04 to $92.67 a barrel at 0330 GMT. U.S. oil futures fell $1.26, or 1.4%, to $87.64 a barrel. Brent plunged 10.5% this week - the steepest plunge since the week that ended on April 6, while WTI fell 9.2% - the biggest weekly loss [Read more]
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